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Chase signs deal with Direct Auto

Chase UK has signed an exclusive deal with Direct auto Financial Services, part of Provident Financial, to restructure the finances of its clients who are in minor arrears.

With their permission, Direct auto will refer clients who have equity in their homes but are struggling to afford their outgoings to Chase UK.

The packager will the advise on secured loans and remortgage options from the whole of the market in an attempt to reduce clients outgoings by at least 15%.

Chase UK is looking at securing similar agreements with other companies which deal with clients who may have trouble meeting their financial commitments.

Terry Pritchard, managing director of Chase UK, says this is an alternative way to generate good quality leads. Clients do not have to pay for the advice and Direct Auto does not receive any payment for referrals unless cases complete.

Pritchard adds: This is a situation where everyone wins. It works for Direct Auto, Chase UK and most importantly for people with financial problems. This deal is all about treating customers fairly.

Direct Auto, formerly known as Yes Car Credit, is one of the largest sellers of used cars in the UK. Yes was the subject of a BBC Whistleblower investigation in 2005, when the programme lifted the lid on a number of dodgy sales practices.

Direct Auto is in the process of running down its book and letting existing customers pay off their loans.

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